Elon Musk posts video of himself strolling into Twitter headquarters

Elon Musk posted video Wednesday exhibiting him strolling into Twitter headquarters forward of a Friday deadline to shut his $44 billion deal to purchase the corporate.

Musk additionally modified his Twitter profile t o discuss with himself as “Chief Twit” and his location as Twitter headquarters, which is predicated in San Francisco. The video confirmed him carrying a sink by means of a foyer space.

“Coming into Twitter HQ – let that sink in!” he tweeted.

A court docket has given Musk till Friday to shut his April settlement to accumulate the corporate after he earlier tried to again out of the deal. Neither Musk nor Twitter has stated if the deal is closed but.

Regardless of Musk’s splashy entry to headquarters, it wasn’t clear whether or not his buy of Twitter had been finalized. Twitter confirmed that Musk’s video tweet was actual however would not remark additional. Alex Spiro, Musk’s lead lawyer, did not instantly return a request for remark.

Robert Anderson, a legislation professor at Pepperdine College, stated he absolutely expects the deal to shut by Friday’s deadline however did not make a lot of Musk’s video.

“I feel he is simply visiting the headquarters, and I do not see something uncommon about it, aside from that he introduced a sink,” Anderson stated.

The Washington Publish reported final week that Musk informed potential traders that he plans to chop three quarters of Twitter’s 7,500 employees when he turns into proprietor of the corporate. The newspaper cited paperwork and unnamed sources accustomed to the deliberation.

One among Musk’s greatest obstacles to closing the deal was protecting in place the financing pledged roughly six months in the past.

A gaggle of banks, together with Morgan Stanley and Financial institution of America, signed on earlier this 12 months to mortgage $12.5 billion of the cash Musk wanted to purchase Twitter and take it non-public. Strong contracts with Musk certain the banks to the financing, though modifications within the economic system and debt markets since April have possible made the phrases much less engaging. Musk even stated his funding group could be shopping for Twitter for greater than it is price.

Much less clear is what’s taking place with the billions of {dollars} pledged to Musk by traders who would get possession stakes in Twitter. Musk’s unique slate of fairness companions included an array of companions starting from the billionaire’s tech world mates with like-minded concepts about Twitter’s future, akin to Oracle co-founder Larry Ellison, to funds managed by Center Jap royalty.

The extra fairness traders kick in for the deal, the much less Musk has to pay on his personal. Most of his wealth is tied up in shares of Tesla, the electrical automobile firm that he runs. Since April, he has bought greater than $15 billion price of Tesla inventory, presumably to pay his share. Extra gross sales could possibly be coming.

Musk’s flirtation with shopping for Twitter appeared to start in late March. That is when Twitter stated he contacted members of its board – together with co-founder Jack Dorsey – and informed them he was shopping for up shares and was fascinated about both becoming a member of the board, taking Twitter non-public or beginning a competitor.

Then, on April 4, he revealed in a regulatory submitting that he had develop into the corporate’s largest shareholder after buying a 9% stake price about $3 billion.

At first, Twitter supplied Musk a seat on its board. However six days later, CEO Parag Agrawal tweeted that Musk wouldn’t be becoming a member of the board in spite of everything. His bid to purchase the corporate shortly adopted.

When Musk agreed to purchase Twitter, he inserted a “420” marijuana reference into his value of $54.20 per share. He bought roughly $15 billion price of shares in Tesla to assist fund the acquisition, then pulled collectively commitments for billions extra from a various group of traders together with Silicon Valley heavy hitters like Oracle co-founder Larry Ellison.

Inside Twitter, Musk’s provide was met with confusion and falling morale, particularly after Musk publicly criticized certainly one of Twitter’s high attorneys concerned in content-moderation selections.

In July, Musk abruptly reversed course, saying that he was abandoning his bid to purchase Twitter. His said cause: Twitter hadn’t been simple about its drawback with faux accounts he dubbed “spam bots.” Twitter sued Musk in Delaware Chancery Courtroom to drive the deal by means of. Two weeks earlier than a 5-day trial was scheduled to start, Musk modified his thoughts once more, saying that he needed to finish the deal in spite of everything.